The US spot Bitcoin exchange-traded fund (ETF) market saw more outflows on June 13, with Fidelity Investments’ FBTC leading the way with $106 million in outflows. This was nearly half of the total $226 million outflows recorded by spot bitcoin ETFs on that day.
While Fidelity’s FBTC experienced significant outflows, BlackRock’s IBIT was the only fund to see net inflows, with $18 million. Overall, data by SoSoValue showed that spot ETFs had a cumulative net outflow of $226.21 million.
In addition to Fidelity and BlackRock, other ETFs also saw outflows on June 13. Grayscale’s GBTC recorded net outflows of $62 million, while Ark Invest’s ARKB and Bitwise’s BITB saw $53 million and $9.8 million leave the funds, respectively. VanEck’s HODL fund also experienced outflows of $11.3 million, with $2.7 million exiting Invesco and Galaxy Digital’s BTCO.
Despite the outflows, total net inflows to all US spot Bitcoin ETFs had reached $15.5 billion before the $206 net outflows on June 13 brought it back down to about $15.3 billion. This followed a two-day streak of outflows, with $100.8 million worth of inflows on the previous day.
The market movements coincided with comments from SEC chair Gary Gensler, who indicated that the agency may approve S-1 filings for spot Ethereum ETFs “in the summer.” Both Bitcoin and Ethereum prices were below key levels, with Bitcoin dropping from near $70,000 to around $66,450 and Ethereum remaining around $3,500, both down around 8% for the week.
Overall, the spot Bitcoin ETF market continued to face challenges with outflows, while some funds like BlackRock’s IBIT saw net inflows. The upcoming potential approval of Ethereum ETF filings could bring new opportunities and impact the overall cryptocurrency market. Investors will be closely watching for any regulatory developments and market trends in the coming weeks.